There is good news for the bulls. It looks like the green candle today is going to close above the daily 8 EMA, confirming the reversal that was discussed since the previous week.
If the gold futures close this week above 1732.80 or, even better, above 1757.40, it would print a Bullish Engulfing on the weekly time frame, increasing the odds of a reversal combo on the monthly scale.
I would like to give you a sneak peak into what’s next if everything follows the forecast:
I would be expecting gold to rally to 2460-2590, about 50% increase, and reach these targets in the period from January 2022 till September 2025. An Elliott Wave timing projection – April 2025.